NNPCL Clarifies Crude Oil Supply Contract with Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has announced the conclusion of its Naira-for-Crude programme, which facilitated the supply of crude oil to Dangote and other refineries under the federal government initiative.

Despite this, the company assured its commitment to supporting the 650,000 barrels-per-day (bpd) Dangote Refinery with crude oil.

In an official statement issued by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, the contract, designed as a six-month agreement, is set to expire in March 2025. Soneye emphasized ongoing discussions to establish a new agreement that would ensure uninterrupted crude supply to refiners.

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“NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery,” he clarified.

“To set the record straight, the contract for crude oil sales in Naira was structured as a six-month agreement, dependent on availability, and will officially end in March 2025. Presently, discussions are ongoing to finalize a new contract.”

He further revealed that since October 2024, over 48 million barrels of crude oil have been supplied to Dangote Refinery under this agreement. Moreover, the refinery has received over 84 million barrels since its operations began in 2023.

The NNPCL reiterated its commitment to ensuring the availability of crude oil for local refining under mutually agreeable terms and conditions.